Pacquiao signs extension with Top Rank

ABS-CBN News

Pacman gets $1M signing bonus

MANILA, Philippines – Fighting congressman Manny Pacquiao has extended his fight contract with Top Rank Inc., giving the firm the exclusive rights to promote his fights until 2014.

Top Rank CEO Bob Arum said they have reached a deal with Pacquiao while the latter was in the US last September for a promotional tour of his fourth fight against Juan Manuel Marquez.

"Manny's contract with Top Rank runs out on Dec. 31, 2013, and we've extended the contract for yet another year, to Dec. 31, 2014," Arum said in ESPN.

Arum said the Filipino boxer is happy with Top Rank, which is why he had no trouble convincing Pacquiao to stay with the firm for the rest of his career.

Pacquiao also received a $1 million signing bonus for agreeing to extend the contract.

Arum said the fighting congressman stands to get another $1 million if he fights twice in 2014.

“But a million, he's got already," said Arum.

Pacquiao’s adviser Michael Koncz confirmed that the Filipino superstar is staying with Top Rank.

He said the deal was done in just 10 minutes.

"Manny and I went through the contract before he flew home to the Philippines (after the media tour), but the discussions were between me and Arum, and then maybe two or three phone calls between me and Manny, and the extension was done in a matter of 10 minutes,” said Koncz.